New York City Foreclosure Rates Rise, Still Lagging Behind The Nation

by Jay Fleischman, Esq.

Nationwide, one of every 538 households got foreclosure notices last month, according to data supplied by RealtyTrac. The number of foreclosure notices nationwide rose 57% to 234,685 from March 2007, while repossessions soared 129%, to 51,393. New York City, however, saw 1,555 default notices and 358 foreclosure auctions scheduled. Those numbers represent an 18% increase from March 2007 – pretty bad, but not nearly as bad as the rest of the nation.

Broken down by borough, the numbers shook out as follows:

Queens – 836 foreclosure notices, up 35%.
Brooklyn – 590 foreclosure notices, down 18%
Staten Island – 292 foreclosure notices, up 104%
Bronx – 225 foreclosure notices, up 21%

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